Thread: Nokia laying off people
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allnameswereout is offline allnameswereout
2008-11-07 , 14:28
Posts: 3,397 | Thanked: 1,212 times | Joined on Jul 2008 @ Netherlands
#56
Originally Posted by qole View Post
I would call those "bait-and-switch-scam-mortgages". Those were the classic sub-prime mortgages that brought the whole house of cards down. I don't think they're even allowed to sell those up here in Canada. That was a uniquely American form of self-destruction. "Don't worry, you'll sell the house for a 10% profit long before you have to pay that high rate of interest..."

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Good points, but how does this take into account that banks all over the world are allowed to create money out of nothing only having to back up 8% of all the money they have written out on bank accounts? And that we, the people, have to pay for this indirectly (inflation) or directly (government debt)?
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